Energy directors stay in the money

Directors in the oil and gas sector were busy both buying and selling their own stock in the past week, according to notices filed with the Australian Securities Exchange.

Higher oil prices provide a positive environment for exploration in the sector, says Deutsche Bank, which may be behind the directors’ increased investments, particularly at the smaller end of the market.

Those at the larger end of the energy market tended toward selling.
WorleyParsons
non-executive director John Green sold $2 million worth of shares after the stock recovered from a 7.75 per cent decline earlier this month. It has since reclaimed most of the decline, closing at $31.08 yesterday, near its 52-week high. Mr Green continues to hold shares worth $27.7 million.

Oil Search
managing director
Peter Botten
sold $623,000 worth of the stock to fund a tax liability arising from the vesting of restricted shares under the company’s 2008 long-term incentive plan. The shares, worth $1.2 million, were automatically vested in January.

Sundance Energy
non-executive director Damien Hannes sold $570,000 worth of stock in an on-market trade. The company’s share price has recovered from a 22 per cent fall earlier this month and is trading close to its record high.

Grand Gulf Energy
non-executive chairman
Charles Morgan
acquired $2.9 million worth of the stock as a result of the conversion of debt to equity and the underwriting of a non-renounceable entitlements issue.

The explorer-evaluator of oil and gas leases in the United States closed at 0.6¢ yesterday, from its 2004 peak of 23¢.

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Company Profile

Empire Oil & Gas
managing director John Marshall and executive director
Bevan Warris
both exercised options worth 1.5¢ before selling a portion of their shares on market at average prices of 3.9¢ and 4.3¢ respectively, making a paper profit of $1.6 million between them.

Representing the retail sector,
Myer
chief executive
Bernie Brookes
cashed in on 1¢ options, making a paper profit of almost $1.5 million. The options were among the last of those attached to the 2006 purchase of Myer by the private equity consortium led by TPG.

Among financials,
Perpetual
non-executive director
Philip Twyman
sold units in the Perpetual Wholesale Split Growth fund worth close to $300,000 as part of a portfolio rebalance.

Adelaide Brighton
non-executive director
Raymond Barro
lifted his stake for the third time this year, buying $6.2 million worth of shares in the cement manufacturer. Mr Barro bought $9.5 million worth of stock in late February and early March. The stock has fallen 3.6 per cent in the year to date.

In resources,
Aspire Mining
non-executive director Gan-Ochir Zunduisuren became a substantial shareholder in the stock with a stake of 8.6 per cent. Mr Zunduisuren, who is based in Mongolia where the company is developing a coking coal deposit, sold shares worth $5.5 million.